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Gold: Holding Below 1st Resistance At 1325/26

Published 09/29/2016, 01:52 AM
Updated 07/09/2023, 06:31 AM

Gold Weekly Chart

Gold holding below first resistance at 1325/26 risks a slide to strong support at 1316/15, but be aware of further important 100 day moving average support at 1310/09. Within this band is a good buying opportunity. Just be aware that a break lower targets important longer term support at 1300/1298.

A break above 1327 allows a recovery to 1330/1332, perhaps as far as resistance at 1336/35. Just be aware that further gains target 1342/43 before important trend line resistance at 1346/47. This is the most important resistance of the week.

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